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Greenfield Capital says it has filed a supervisory complaint asking Switzerland’s Federal Supervisory Authority for Foundations (ESA) to examine Safe Ecosystem Foundation’s governance and consider whether corrective measures are needed. Cointelegraph reported the complaint on Oct. 5, 2026, and updated its story on Oct. 6 with a response from the foundation. The report does not independently confirm that ESA received the complaint, opened an inquiry or took action.
What Greenfield says it is asking ESA to do
Greenfield, an investor in Safe, says it wants ESA to review how the foundation is governed. The firm says it spent months seeking changes directly before escalating the dispute. Its request is for scrutiny and possible corrective measures; the report does not describe an ESA decision or establish that the regulator has assessed the foundation.
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Greenfield founding partner Jascha Samadi said the firm’s concerns about Safe’s direction had grown since early 2025. He pointed to the project’s performance relative to the broader crypto market and what Greenfield views as a lack of independent voices on the foundation board. These are the investor’s assessments, not findings established by the report.
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Greenfield says it wants board member Stefan George replaced and the board expanded with independent members recruited from outside the existing group. It says those directors should bring experience in finance, risk management and business strategy.
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Samadi also alleged conflicts of interest involving George’s role at Gnosis and fellow board member Richard Meissner’s ties to companies developing and operating Safe products. Cointelegraph’s report presents these as Greenfield’s allegations; it does not substantiate them as findings. The report does not describe a competing board proposal or a formal response from the individuals named.
The performance case Greenfield made
Greenfield’s argument combines revenue claims with figures about assets and market share. Cointelegraph attributed the figures below to Greenfield or to Safe project statements. They are not independently audited or verified figures in the report, and the measures should not be treated as interchangeable.
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| Measure | Figure and attribution |
|---|---|
| Second-quarter revenue and 2026 expectation | Greenfield put second-quarter revenue at $1.98 million, describing it as an $8 million annualized run rate and comparing it with a $20 million expectation for 2026, as reported by Cointelegraph. An annualized run rate is not the same as revenue already earned over a full year. |
| Project-wide revenue statement | Safe announced more than $10 million in project-wide annualized revenue at the end of 2025, according to the February 2026 project announcement described by Cointelegraph. This is a project statement and a different measure from Greenfield’s second-quarter figure. |
| Long-term revenue ambition | Safe’s reported ambition is $100 million in annual recurring revenue by 2030. This is a target, not a reported result. |
| Value held in Safe accounts | Samadi cited a decline from $66 billion in January 2024 to $30 billion by August 2026, as reported by Cointelegraph. |
| Broader market comparisons, January 2024 to August 2026 | Greenfield said total DeFi value locked grew 40% and total stablecoin supply grew roughly 135% over this period, while stablecoins held in Safes on Ethereum grew 11%. |
| Safe’s share of circulating USDC | Greenfield said Safe’s share fell from 12.8% to 2.5% between January 2024 and August 2026. |
Greenfield uses the asset and market-share comparisons to argue that Safe lost ground while broader parts of crypto grew. The comparisons concern different asset categories and measures; they do not, by themselves, establish why any change occurred or whether governance caused it.
What the foundation said—and what remains unresolved
Foundation spokesperson Samuel Akpan told Cointelegraph that the foundation had not received a formal inquiry from ESA and declined to comment on details of the potential complaint. That response does not establish whether Greenfield filed a complaint with ESA or whether the regulator received one: the report does not provide confirmation from ESA, a primary filing or a regulator statement.
Samadi summarized Greenfield’s position this way: “But we have come to believe, after more than a year of research, dialogue and patience, that Safe will not reach its potential under its current governance.” It is the investor’s stated view, not a regulator’s conclusion.
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